DocuGraphix Files for Bankruptcy
As first reported in a Breaking News Alert yesterday, commercial print and promotional
product distributor Global DocuGraphix Inc. (asi/208311) and its subsidiary
Global DocuGraphix USA filed for Chapter 11 bankruptcy last week in U.S Bankruptcy
Court, Northern District of Texas (Dallas) Division. In its filing, the company
reported its estimated debts to be between $10 million and $50 million. Richard
Roberson, partner with Gardere Wynne Sewell LLP who is representing Global DocuGraphix
in its bankruptcy proceedings, says the move was forced because the company’s
credit facility and working capital had run out as of July 10, 2006. Both GE
Capital and Antares Capital did not renew credit notes that originally came to
maturity in November 2005 and were then extended until this month. “This
left the company with insufficient capital to keep normal operations going,” Roberson
told Counselor in an exclusive interview.
fact, according to the company’s
Chapter 11 filing, in a conference
call that Global DocuGraphix’s
board of directors held on July 11,
it was determined that the company
only had funds to cover wages and salary
through July 15. Now, Roberson says,
Global DocuGraphix will proceed with
an asset sales process approved by
the bankruptcy court. An auction of
assets will take place on July 31,
and then the company’s board,
in conjunction with the bankruptcy
court, will move forward with the best
offers. “The future of the company,” Roberson
says, “depends on whether sufficient
bids come in for the company as a whole
or just for its individual assets.”
says the firm laid off about 135 employees
prior to its bankruptcy filing as part
of a cost-reduction measure. For now,
he says that Global DocuGraphix will
continue its operations until the sales
process is complete. The company also
retained the services of reorganization
firm Corporate Revitalization Partners
LLC. Bill Roberts, director of the
Dallas division of Corporate Revitalization
Partners, confirmed that Global DocuGraphix
CFO Kevin Barnes resigned on Friday,
July 21 and that CEO Alan Bratton will
remain with the company.
Muzzillo, co-CEO of Proforma Inc. (asi/300094)
and a long-time competitor of Global
DocuGraphix, expressed his concern
for the company’s employees: “I
feel sorry and sad for the wonderful
staff at GDX that will be touched by
all of this.”
Awards Annual Scholarship
ID Line/Halls & Company
(asi/59080) continued its 14-year-old tradition
by announcing Nicole Christopherson as the recipient of its 2006 Upper Midwest
Small Business Scholarship. The $1,500-a-year scholarship, which ID Line began
in 1993, is given to children and grandchildren of its full-time and part-time
employees, provided they are 18-to-26 years old.
Adams, president of ID
Line, says her company
has been issuing these
scholarships because they’re “trying
to promote secondary education
and their kids.” Adams
says the project has
been very successful
to date. Scholarship
winners are determined
by Scholarship America
based on academic performance,
leadership, future goals
and participation within
the local community.
out on one
of 600 for-profit
19% of respondents with over 5,000 employees offer a comprehensive health management
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LLC and Marsh Inc., showed that rising health costs have caused large businesses
to take steps to prevent illness and injury on the job in an effort to decrease
the number of employee absences. The
is a more
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Golden Pacific Electronics Inc. (asi/57622) has opened a new distribution
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Adams Fashion Headwear (asi/31725) has promoted Mark DeLucca to CEO.
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